Man Charged With Fraud in Ponzi Scheme Case

A 41-year-old man was charged with fraud on Friday for his alleged involvement in Empire Big Capital (EBC), a defunct Hong Kong firm that authorities and victims allege was a Ponzi scheme, a court spokesman said.

“The court charged the suspect with fraud and decided to temporarily detain him at Prey Sar prison,” said Phnom Penh Municipal Court spokesman Y Rin, declining to identify how the man, Teng Savoeun, was involved with the firm.

The government late last month opened a new investigation into EBC, which allegedly defrauded as many as 50,000 investors in 2015.

Many investors have now sold their homes or moved to Thailand to avoid paying off debts, and victims have repeatedly called on the government to investigate EBC further.

Dy Vichea, director of the Interior Ministry’s central security department and a member of the investigation team, announced three suspects at a media conference late last month, but did not mention Mr. Savoeun.

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